3. Business segments
Healthcare Administration Dental HMO
Assistance Services
Services
Ranking: #4
Ranking: #1
Ranking: #1
Number of lives: 501 thousand
Number of items: 18.6 million
Number of lives: 1.3 million
Underwriting of frequency risk
Underwriting of frequency risk
No underwriting risk. Fee
business only.
3
4. Recent events
Acquisition of Fleming Odontologia
Assist-Card Joint Venture
Approval for OdontoEmpresa transaction
INFRAERO health contract
1Q08 results: Adjusted EBITDA +34% and Revenues + 25%
Additional purchase of shares from current shareholders
4
6. Tempo experienced a 34% increase in Adjusted EBITDA and a
25% increase in net revenues for 1Q08
Net Revenues - Tempo Adjusted EBITDA - Tempo
EBITDA margin - Tempo
(R$ MM) (R$ MM)
(% )
5% . p.
+2 %
,6 p
10,0% 0,6 p.p.
,0
34 0
9,0%
0,5 p.p.
8,0%
7,0% 0,4 p.p.
6,0%
13,4
160,1 5,0% 0,3 p.p.
8,4%
128,0 10,0 7,8%
4,0%
0,2 p.p.
3,0%
2,0%
0,1 p.p.
1,0%
0,0% 0,0 p.p.
1Q07 1Q08 1Q07 1Q08 1Q07 1Q08
Revenues: solid increase in number of beneficiaries/items for all three
segments
Adjusted EBITDA: fixed costs dilution
Results presented above do not comprise the acquisitions made in the
end of 2007
6
7. Health
Adjusted EBITDA (R$ MM)
Beneficiaries (in millions)
%
5,9
+2
10,0 10%
7,0%
5,0%
9,0
0%
8,0
7,0
-10%
%
6,0
97
1,34 5,0 -20%
4,0
1,06 6,7 -30%
3,0
2,0
3,4 -40%
1,0
0,0 -50%
1Q07 1Q08
mar/07 mar/08
Revenues (R$ MM) Adjusted EBITDA EBITDA margin
95,9
25,9% increase in number of beneficiaries
,6%
1
+4
67,8 41,6% increase in net revenues (including Med-Lar)
EBITDA: nominal and marginal increase
1Q07 1Q08
7
8. Dental
Adjusted EBITDA (R$ MM)
Beneficiaries (in thousands)
501,1
403,1
3%
12
143,1
4,1
1,8
1Q07 1Q08
Gama odonto Pro-forma
1Q07 1Q08
Revenues R$ (MM)
Information presented in this slide comprise the
companies acquired in the end of 2007
3%
19
Organic and acquisition growth in number of
beneficiaries
15,3
Sustainable EBITDA margin
5,2 Decrease in loss ratio
1Q07 1Q08
8
9. Assistance services
Adjusted EBITDA
Loss ratio curve
10,0 10,0%
50,4% 9,4%
9,0
50,4% 9,0%
8,8%
8,0
7,0
8,0%
6,0
14%
5,0 7,0%
4,0
6,0%
5,5
3,0
4,8
2,0
5,0%
47,1% 1,0
45,9% 0,0 4,0%
1Q07 1Q08
1Q07 2Q07 3Q07 4Q07 Adjusted EBITDA
EBITDA margin
Number of items (in millions)
Higher loss ratios for 1Q and 4Q
%
+ 7,3
Capture of synergies after integrating USS
Potential increase in B2B2C sales
18,6
17,3 Assist Card Joint Venture
mar/07 mar/08
9
